1. Market Overview

According to the latest candlestick data, Bitcoin (BTC) is currently priced at $90,300.3 (corresponding to the latest daily closing price on the K-line data). The past 14 days' K-line shows that Bitcoin has experienced continuous pullbacks from higher levels, with the price range falling from a high of $94,589 to a low of $89,984.1, indicating a pattern of high-level oscillation followed by downward fluctuations. Within 24 hours, Bitcoin underwent a rapid decline on hourly K-line charts, with the lowest point reaching $89,984.1. Meanwhile, the trading volume on nearly two daily K-lines has significantly contracted, with the latest daily volume dropping to 1,616.27 BTC, showing a clear retreat from the high point. Short-term market sentiment is becoming cautious. News and analyst opinions both indicate a generally bearish market, but some chip releases are easing pressure, and the market is awaiting new directional signals. Mainstream analysis suggests that market focus is on the impact of the Bank of Japan meeting on global liquidity. Recently, large institutional repositioning and increased mining-related profit pressures have all contributed to Bitcoin's continued weak adjustment.

2. Technical Analysis
From a technical perspective, the high point of the 14-day daily K-line is $94,589, and the low point is $89,500. Based on K-line trends, Bitcoin has been oscillating between $92,000 and $90,000, with signs of effective break below. The highest level in the recent 48 hours on hourly charts is $94,476, and the lowest is $89,984.1, indicating short-term rebound weakness and a clear weakening of bullish momentum. Regarding support and resistance levels, the key short-term support is at $89,985 (the recent hourly and daily K-line lows); if broken, support may be sought at the previous low of $88,908. Resistance is concentrated between $91,000 and $92,000, with the latest four-hour high not surpassing $92,000. This is also confirmed by daily data. Volume has been gradually shrinking over the past two days, indicating decreasing active participation and suggesting that short-term rebounds are unlikely to sustain, further reinforcing bearish signals. Trend-wise, the past 14 days show that the highs are gradually declining, and lows are continuously dropping, forming a clear short-term downward channel. The latest two trading days' prices have closed lower consecutively, indicating ongoing downward pressure.

3. News and Policy Interpretation
Recent news shows that within the day, "BTC drops below $90,000, 24-hour decline of 2.59%" and "BTC drops below $91,000, 24-hour decline of 1.34%" point to rapid market decline, partly triggered by large on-chain BTC repositioning towards ETH, which has squeezed liquidity and pressured BTC. The news of Paxful exchange being fined did not cause abnormal volatility, indicating that compliance risks have not yet significantly impacted the market. Other news such as SpaceX continuously transferring BTC, large institutional layouts, and accumulation of BTC across multiple wallets reflect capital flow dynamics but have not led to a clear rebound on K-line data. The market's response to positive news remains limited. On policy, no new policies have been introduced in the past 24 hours, 7 days, or 30 days, and macro factors currently show no new variables.

4. Analyst Opinions
Combining analyst insights: “BTC long position at market price 92000, near cost, consider exiting.” “After a short-term rebound, BTC hits resistance near the previous high of 94000. The next step is to see if it can hold above 90800. Be cautious of the possibility of a large-level trap, as mentioned in recent days — the bear flag.” Actual market data shows that the price encounters resistance at 94000 and further weakens after losing support at 90800, confirming the analyst’s mention of the “bear flag” critical support breach. The bulls have lost control, and views are highly aligned with the current trend. Another analyst mentioned “Entering at around 90000 now,” noting that the current price of $90,300.3 remains below support levels, but short-term rebound strength is weak, and risks are high. “Is the intra-day high-volume shakeout strong or fake strength?” The current movement leans toward a gradual decline after weak rebounds.

5. Future Trend Prediction and Trading Advice
Based on combined K-line trends, volume, support and resistance, and market sentiment, Bitcoin's short-term outlook remains bearish. If the price continues to hover below $90,000 with no volume increase, it is highly likely to test recent lows of $89,984.1 and even extend to $88,908. Resistance at $91,000 is the primary target; if it cannot stabilize above this level quickly, the likelihood of a bullish reversal is very low. Trading suggestions: short-term investors should monitor support at $89,985. If it is effectively broken, cautious observation or partial reduction of positions is recommended to manage risk. If volume surges with a rebound, low buying can be considered, but optimism should be limited. For mid-term strategies, consider waiting for a firm rebound and stabilization above $91,000 before opening new positions.

6. Risk Warning
Bitcoin's recent market volatility has intensified, with a fluctuation range of up to $4,100 in the past two days, and volume has clearly weakened, indicating further downside risk in the short term. If the price breaks below $89,985, the market may accelerate downward, and traders should beware of extreme situations like short-term panic selling. Investors must pay close attention to risk control and avoid high leverage and blind operations. Summary: Currently, Bitcoin remains in a bearish pattern, having recently broken key support levels, with risks of further decline. Operations should prioritize risk prevention, focus on key supports and volume changes, as positive news has not reversed the downward trend, and short-term bullish rebounds are challenging. Conservative investment is advisable.